Accounting I Chapter 2 EXAM

Accounting I Chapter 2 EXAM

9th - 12th Grade

46 Qs

quiz-placeholder

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Accounting I Chapter 2 EXAM

Accounting I Chapter 2 EXAM

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

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Created by

Elena Charles

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46 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Planning, recording, analyzing, and interpreting financial information

accounting
financial statements
sale on account
transaction

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A business activity that changes assets, liabilities, or owner's equity

accounting equation
transaction
equities
asset

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

An equation that shows the relationship among assets, liabilities, and owner's equity.

Accounting equation
account balance
accounting system
account records

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A planned process for providing financial information that will be useful to management

accounting system
accounting record
financial statements
sale on account

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The account used to summarize the owner's equity in the business.

capital
revenue
sale on account
asset

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

owner's equity
liability
account balance
expense

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A business owned by one person

proprietorship
corporation
partnership
s-corporation

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